Income Tax - Budget 2023 amends Section 80-IAC to extend the period of incorporation of eligible start-ups to 1st day of April 2024....
Read MoreIncome Tax - Time period for carrying forward and setting off of losses of eligible start-ups is increased from 7 years to 10 years from incorporation date...
Read MoreIncome Tax - Section 80IAC of the Income Tax Act, 1961 is an important provision for startups and small businesses looking to avail tax benefits. As per the section, a person is eligible for a deduction for profits for any one assessment year out of 10 assessment years....
Read MoreIncome Tax - Hindenburg Research has released the findings of a 2-year investigation, claiming that Indian conglomerate Adani Group has been engaging in manipulation of stock prices and accounting fraud amounting to INR 17.8 trillion (U.S. $218 billion) over the course of decades. Additionally, the investigation has revealed that several key listed Ad...
Read MoreIncome Tax - Introduction ‘Stand Up India’ is an ambitious initiative by the government of India which was launched in April 2016 by the Hon’ble Prime Minister Narendra Modi, to promote entrepreneurship and capital investment among people belonging to the Scheduled Castes (SC) and Scheduled Tribes (ST) and women. The initiative is ai...
Read MoreIncome Tax - Sustained Government efforts result in increasing the number of recognized Startups from 452 in 2016 to 84,012 in 2022 Sustained Government efforts in this direction have resulted in increasing the number of recognized Startups from 452 in 2016 to 84,012 in 2022 (as on 30th November 2022), Minister of State for Commerce and Industry...
Read MoreIncome Tax - The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, has launched a call for startup applications for registration on the MAARG portal, the National Mentorship Platform by Startup India. To further boost the Indian startup ecosystem, currently ranked 3rd largest globally, Startu...
Read MoreIncome Tax - Department for Promotion of Industry and Internal Trade (DPIIT) notifies establishment of Credit Guarantee Scheme for Startups (CGSS). This Scheme will act as a key enabler and risk mitigation measure for lending institutions, enabling collateral free funding to startups. The Department for Promotion of Industry and Internal Trade (DPIIT...
Read MoreIncome Tax - India achieves landmark milestone, over 75000 startups recognised so far These numbers tell the power of a vision to see innovation and drive growth, says Piyush Goyal Latest 10000 startups recognised in 156 days compared to initial ten thousand startups in 808 days 7.46 lakh jobs created by the Indian startup ecosystem 49% of startups [&...
Read MoreIncome Tax - Due to proactive government interventions, Startups have grown from 471 in 2016 to 72,993 in 2022 Startups spread across 56 diversified sectors More than 4500 startups recognized under emerging technologies such as IOT, Robotics, AI and Analytics etc. Startups and the entire technology ecosystem are the engines of gr...
Read MoreHCL Technologies BPO Services Ltd Vs ACIT (ITAT Delhi) - In the case of HCL Technologies BPO Services Ltd vs. ACIT, ITAT has held that for transfer pricing only amount retained by associates from end user is to be taken into account for transfer pricing adjustment, and to adjust operating cost by excluding abnormal cost incurred on a/c of Startup Company ...
Read MoreNotification No. S.O. 4741(E). - (06/10/2022) - Credit Guarantee Scheme for Startups (CGSS)is to provide guarantee upto a specified limit against credit instruments extended by Member Institutions (MIs) to finance eligible Startups. ...
Read MoreNotification No. S.O. 4142(E) - (30/08/2022) - Govt has notified that for an application for fast track corporate insolvency resolution process may be made also by a Startup (other than the partnership firm) as defined vide Notification No. G.S.R. 127(E), dated the 19th February, 2019 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30t...
Read MoreNotification No. G.S.R. 93(E) - (01/02/2021) - (1) These rules may be called the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....
Read MoreNotification No. S.O. 414 (E). - (21/01/2021) - Central Government has approved the ‘Startup India Seed Fund Scheme (SISFS)’ to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization. SISFS shall provide financial assistance to startups via corpus of Rs. 945 Cro...
Read MoreNA - (07/06/2020) - There are reports in a certain section of media that the growth of direct taxes collection for the FY 2019-20 has fallen drastically and buoyancy of the direct tax collection as compared to the GDP growth has reached negative. These reports do not portray the correct picture regarding the growth of ...
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